Business
Inflation likely to hit 70 per cent soon but would return to single digits in medium term- CBSL Governor
by Hiran H.Senewiratne
Sri Lanka’s inflation rate will soar above 70 per cent soon, which is now at 54.6 per cent, the highest such rate thus far. However, in the medium term it will come down to single digits or 4 per cent to 6 per cent, Central Bank Governor Dr Nandalal Weerasinghe said.
“The reasons for increasing inflation are, global energy price increases, food price increases, tax adjustments and the rupee depreciation. In the medium- term perspective, inflation will go down to 4 to 6 per cent, with the world food prices and oil price becoming stable, Weerasinghe told the media at the monthly monetary policy review meeting of the Central Bank. The media conference was held at the Central Bank auditorium yesterday.
Weerasinghe added: ‘Through the adoption of prudent economic and monetary policies the Central Bank is putting in every effort to control inflation. If the inflation rate goes beyond the 100 per cent level it would create a hyper- inflation situation. Under this condition no one will be able to do business.
‘At this juncture our responsibility is to provide relief to low-income earners and vulnerable sections of society through social security systems and the Samurdhi poverty alleviation scheme. But the UN Food Programme is looking at possibilities to do so as well.
‘The CBSL would continue to closely monitor domestic and global macroeconomic and financial market developments and would be prepared to take further policy measures as appropriate to help reinforce greater stability in the economy in the period ahead, while ensuring a faster return of inflation to the targeted 4-6 per cent range over the medium term, under the flexible inflation targeting framework.
‘Having noted the higher- than- expected escalation of headline inflation recently and the increased persistence of high inflation in the period ahead, the Board was of the view that a further monetary policy tightening would be necessary to contain any build-up of adverse inflation expectations.
‘The remedial policy measures adopted by the Central Bank need to be complemented by timely and appropriate policy adjustments by the government, including the need for the expeditious implementation of fiscal consolidation measures, alongside efficient and effective social welfare programs to support the vulnerable groups of society.
‘The Central Bank has issued a guideline to all banking and non-banking sectors to provide relief for small, medium and tourism sector entities. Under this guideline banks and non- banking entities could use their discretion to provide relief and grace periods for those sectors.
” Banks and non- banking sector entities could be considered case by case when awarding relief for SME and tourism sector entities.
‘Accordingly, the Monetary Board of the Central Bank has decided to increase the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) to 14.50 percent and 15.50 per cent respectively. Statutory Reserve Ratio (SRR), meanwhile, remains unchanged at 4.00 percent .’
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
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